Friday's are always the toughest days to blog because after 4 days of trading the brain gets a little soft by weeks end. Still it is a trading day and we begin with last night and news as Enterprise GP raises its distribution by over 8%! There is no news in the group this morning and nothing in the upgrade or downgrade world.
Most MLPS open higher and the MLP index is up .70 in the early going. Fractional gains in Crosstex LP(XTEX), Enterprise Products Partners(EPD), Atlas Pipeline Partners (APL), and a few others.
We'll post later after all the opening noise is worked out.
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4 comments:
Any additioanl color on FGP besides headlines.....
The stock offering is all of it. Haven't seen what they priced it at but we're off the low at least. It might just go sideways for awhile here.
This was released today....I guess this is where the money is going
Acquisitions Bring 6,000 Customers to Ferrellgas Partners, L.P.
OVERLAND PARK, Kan., Oct. 13 /PRNewswire-FirstCall/ -- Ferrellgas Partners, L.P. (NYSE: FGP), one of the nation's largest propane distributors, today announced that it has acquired the assets of 1st Propane of Poplar, Wisconsin, and Getman's Gas Company of Ovid, New York. These transactions are the company's fourth and fifth acquisitions since the beginning of its fiscal year on August 1, 2006.
The Getman's acquisition brings more than 5,000 customers to Ferrellgas in New York's Finger Lakes region. The 1st Propane transaction represents a gain of approximately 900 customers in the Twin Ports area of northwestern Wisconsin.
"These deals continue our strategy of acquiring well run propane companies," says Vice President of Corporate Development Brian Kline. "These companies are a great complement to our existing operations and have reputations for service and safety that closely mirror our own. We look forward to welcoming their employees into the Ferrellgas family."
Ferrellgas Partners, L.P. is a Fortune 1000 company and, through its operating partnership, Ferrellgas, L.P., serves more than one million customers in all 50 states, the District of Columbia, Puerto Rico and Canada. Ferrellgas employees indirectly own more than 20 million common units of the partnership through an employee stock ownership plan.
Contact: Scott Brockelmeyer, Media Relations, 913-661-1830
Ryan VanWinkle, Investor Relations, 913-661-1528
SOURCE Ferrellgas Partners, L.P.
Also...citigroup cut its price target on the stock.
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